# OPTEX GROUP Company,Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2025/01/01－2025/12/31) (S100XU36)
> Page: https://vizora.meequs.com/en/company/optex-group
> Retrieved: 2026-09-30T21:34:42.674Z

## Company

Optex Group, founded in 1979, is a company in Robots & Factory Automation listed on TSE Prime. It has 2,162 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OPTEX GROUP Company, Limited |
| Ticker | 6914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6914.T) |
| Listing | TSE Prime |
| Head office | 滋賀県大津市におの浜四丁目7番5号 |
| Representative (per filing) | 代表取締役社長 中島 達也 |
| Founded | May 1979 |
| Share capital | ¥2.8B |
| Employees (consolidated) | 2,162 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | December |
| Website | www.optexgroup.co.jp (https://www.optexgroup.co.jp/) |
| Corporate number | 1160001000321 |
| EDINET | E01998 |
| Industries (Vizora) | Robots & Factory Automation, Electronic Components |

> Profile source: annual securities report (S100XU36, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.4 | 33 |
| Profitability | 51.5 | 34 |
| Cash conversion | 67.2 | 32 |
| Efficiency | 78.6 | 35 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 51% of Optex Group's sales come from Industrial Automation Business, with Sensing Solution Business and Electronics manufacturing service making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +14.5%.

## Company structure

- Segment revenue mix: Industrial Automation Business 51.2%、Sensing Solution Business 47.1%、Electronics manufacturing service 1.5%、Other 0.2%
- Revenue → net income: ¥65878000000 → ¥6599000000
- Net income → operating cash flow: ¥6599000000 → ¥9449000000（difference ¥2850000000）
- Main uses of operating cash flow: CapEx ¥3770000000 / dividends ¥1601000000 / buybacks ¥0
- Change in cash: ¥1818000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥65.9B |  |
| Operating income | ¥8.15B | Margin 12.4% |
| Net income | ¥6.59B | Margin 10.0% |
| Free cash flow | ¥5.68B |  |
| Largest business | Industrial Automation Business | of segment revenue 51.2% |
| Employees (consolidated) | 2,162 |  |
| EPS | ¥50.29 |  |
| Diluted EPS | ¥49.87 |  |
| Book value per share | ¥590.97 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 37,735,784 |  |
| Treasury shares | 2,115,100 |  |
| Shareholders | 8,518 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 34.7% |
| Vs. industry median margin | +0.6 pp | Robots & Factory Automation |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +21% over five years
- FY2025, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34846000000 | ¥65878000000 | +89.1% |
| Operating income | ¥2098000000 | ¥8153000000 | +288.6% |
| Operating margin | 6.0% | 12.4% | +6.4 pp |
| Employees | 1,881 people | 2,162 people | +14.9% |
| Cash and equivalents | ¥14583000000 | ¥22884000000 | +56.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ＳＳ事業 → ＳＳ事業 | 34.2% |
| ＩＡ事業 → ＩＡ事業 | 32.5% |
| ＦＡ事業 → 事業再編・廃止 | 14.4% |
| ＥＭＳ事業 → ＥＭＳ事業 | 0.9% |
| ＭＶＬ事業 → 事業再編・廃止 | 17.0% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → ＳＳ事業 | 12.9% |
| 新設・再編 → ＩＡ事業 | 18.8% |
| 新設・再編 → ＥＭＳ事業 | 0.6% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Automation Business | 5 years | +15.4% | ¥33734000000 | 11.3% | 2 |
| Sensing Solution Business | 5 years | +12.3% | ¥31044000000 | 15.7% | 2 |
| Electronics manufacturing service | 5 years | +16.2% | ¥996000000 | -3.2% | 2 |
| Other | 5 years | -26.7% | ¥103000000 | 11.7% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,878 | 100.0% | S100XU36 |
| Cost of revenue | 31,587 | 47.9% | S100XU36 |
| Gross profit | 34,291 | 52.1% | S100XU36 |
| SG&A | 26,137 | 39.7% | S100XU36 |
| Operating income | 8,153 | 12.4% | S100XU36 |
| Ordinary income | 8,000 | 12.1% | S100XU36 |
| Pretax income | 8,861 | 13.5% | S100XU36 |
| Income tax | 2,261 | 3.4% | S100XU36 |
| Net income | 6,599 | 10.0% | S100XU36 |
| Net income attributable to owners | 6,595 | 10.0% | S100XU36 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 40 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 52.1% → Operating margin 12.4% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +14.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.51×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 63,269 | 65,878 | 2,609 | +4.1% |
| Gross profit | 31,867 | 34,291 | 2,424 | +7.6% |
| Operating income | 7,121 | 8,153 | 1,032 | +14.5% |
| Net income attributable to owners | 5,689 | 6,595 | 906 | +15.9% |
| Operating cash flow | 7,696 | 9,449 | 1,753 | +22.8% |
| Free cash flow | 5,915 | 5,679 | -236 | -4.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 37,517 | 2,856 | 7.6% | 2,197 | 3,621 | 1,960 | S100L1MR |
| FY ending Dec 2020 | 34,846 | 2,098 | 6.0% | 1,395 | 3,894 | 2,509 | S100NPTF |
| FY ending Dec 2021 | 45,866 | 4,630 | 10.1% | 3,762 | 3,102 | 2,013 | S100QFMW |
| FY ending Dec 2022 | 54,811 | 6,303 | 11.5% | 4,752 | 1,669 | 289 | S100T4MC |
| FY ending Dec 2023 | 56,372 | 5,899 | 10.5% | 4,608 | 2,113 | 777 | S100VH88 |
| FY ending Dec 2024 | 63,269 | 7,121 | 11.3% | 5,689 | 7,696 | 5,915 | S100XU36 |
| FY ending Dec 2025 | 65,878 | 8,153 | 12.4% | 6,595 | 9,449 | 5,679 | S100XU36 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,998 | 2,106 | 2,136 | 2,148 | 2,162 |
| Average salary (parent company) | ¥7M | ¥7.8M | ¥8.2M | ¥8.3M | ¥8.5M |
| Average age (parent company) | 47.3 years | 45.9 years | 46.2 years | 47.1 years | 47.5 years |
| Average tenure (parent company) | 18.7 years | 16.8 years | 18.3 years | 19.6 years | 19.3 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +4.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sensing Solution Business | 31,044 | 47.1% | 4,888 | 15.7% |
| Industrial Automation Business | 33,734 | 51.2% | 3,827 | 11.3% |
| Electronics manufacturing service | 996 | 1.5% | -32 | -3.2% |
| Other | 103 | 0.2% | 12 | 11.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Sensing Solution Business | 47.1% | 56.0% | 8.9 | 15.7% |
| Industrial Automation Business | 51.2% | 43.9% | -7.4 | 11.3% |
| Electronics manufacturing service | 1.5% | — | — | -3.2% |
| Other | 0.2% | 0.1% | -0.0 | 11.7% |

Loss-making segment (excluded from profit shares): Electronics manufacturing service -32 JPY mn

Segment → industry: Industrial Automation Business → Robots & Factory Automation / Sensing Solution Business → Robots & Factory Automation / Electronics manufacturing service → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,449 | 14.3% | S100XU36 |
| Capital expenditure | 3,770 | 5.7% | S100XU36 |
| Free cash flow | 5,679 | 8.6% | 算出 |
| Investing cash flow | -3,777 | -5.7% | S100XU36 |
| Financing cash flow | -4,422 | -6.7% | S100XU36 |
| Dividends paid | 1,601 | 2.4% | S100XU36 |
| Share buyback | 0 | 0.0% | S100XU36 |
| Change in cash | 1,818 | 2.8% | S100XU36 |
| Cash and equivalents | 22,884 | 34.7% | S100XU36 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,120 | 17,287 | 17,119 | 21,065 | 22,884 | S100T4MC, S100VH88, S100XU36 |
| Total assets | 57,769 | 63,302 | 67,127 | 72,850 | 76,939 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Net assets | 35,360 | 39,735 | 44,271 | 50,084 | 56,149 | S100T4MC, S100VH88, S100XU36 |
| Share capital | 2,798 | 2,798 | 2,798 | 2,798 | 2,798 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Trade receivables | 10,444 | 12,221 | 12,112 | 13,884 | 13,894 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Property, plant and equipment | 6,993 | 7,621 | 7,807 | 8,593 | 10,668 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Intangible assets excluding goodwill | 3,204 | 2,815 | 2,377 | 1,890 | 2,170 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Goodwill | 1,052 | 987 | 946 | 822 | 1,083 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Investment securities | 2,117 | 2,144 | 1,621 | 1,264 | 1,567 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Current assets | 42,544 | 47,932 | 52,635 | 58,025 | 59,488 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Current liabilities | 18,562 | 18,752 | 15,710 | 17,543 | 15,934 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Trade payables | 2,589 | 3,165 | 2,792 | 3,240 | 3,499 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Short-term borrowings | 10,520 | 8,926 | 4,921 | 5,000 | 3,800 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Long-term borrowings | 210 | 1,247 | 3,931 | 2,099 | 1,806 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Total liabilities | 22,408 | 23,567 | 22,855 | 22,766 | 20,790 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Non-controlling interests | 12 | 13 | 16 | 21 | 24 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Equity attributable to owners of parent | 34,333 | 37,919 | 41,177 | 45,571 | 50,572 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Retained earnings | 27,549 | 31,130 | 34,388 | 38,652 | 43,643 | S100QFMW, S100T4MC, S100VH88, S100XU36 |
| Treasury stock | -3,594 | -3,588 | -3,589 | -3,443 | -3,433 | S100QFMW, S100T4MC, S100VH88, S100XU36 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XU36 |
| Receivables | 18% | S100XU36 |
| Property, plant and equipment | 14% | S100XU36 |
| Intangibles and goodwill | 4% | S100XU36 |
| Investment securities | 2% | S100XU36 |
| Other assets | 32% | S100XU36 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XU36 |
| Other liabilities | 22% | S100XU36 |
| Equity | 73% | S100XU36 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 57,769 | 63,302 | 67,127 | 72,850 | 76,939 |
| Equity | 35,360 | 39,735 | 44,271 | 50,084 | 56,149 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,120 | 17,287 | 17,119 | 21,065 | 22,884 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 16.2% | S100XU36 |
| Fixed assets ÷ total assets | 13.9% | S100XU36 |
| Goodwill ÷ parent equity | 2.1% | S100XU36 |

Goodwill over 4 years: 1,052 → 1,083 JPY; total investing cash flow: -8,581 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 29.7% |
| Cash ÷ revenue | 34.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.9% |
| Cash vs. profit gap | 2,854 JPY mn (of net income 43.3%) |
| Shareholder returns / net income | 24.3% |
| Shareholder returns / FCF | 28.2% |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | 28.2% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 40.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.2% | 0.79× | 6.5% | 1.68× | 11.0% | S100QFMW |
| 2022 | 8.7% | 0.91× | 7.8% | 1.68× | 13.2% | S100T4MC |
| 2023 | 8.2% | 0.86× | 7.1% | 1.65× | 11.7% | S100VH88 |
| 2024 | 9.0% | 0.90× | 8.1% | 1.61× | 13.1% | S100XU36 |
| 2025 | 10.0% | 0.88× | 8.8% | 1.56× | 13.7% | S100XU36 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 12.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式 会社（信託口） | Major shareholder | 12.3% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.9% | 2025-12-31 |
| 小林 徹 | Major shareholder | 2.9% | 2025-12-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ （常任代理人 株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 2.6% | 2025-12-31 |
| 栗田 克俊 | Major shareholder | 2.0% | 2025-12-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ １３３６５２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社ワンダリア | Major shareholder | 1.8% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０１９（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| オプテックスグループ従業員持株会 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/01/01－2025/12/31) | S100XU36 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU36,, |
| 有価証券報告書－第46期(2024/01/01－2024/12/31) | S100VH88 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH88,, |
| 有価証券報告書－第45期(2023/01/01－2023/12/31) | S100T4MC | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4MC,, |
| 有価証券報告書－第44期(2022/01/01－2022/12/31) | S100QFMW | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFMW,, |
| 有価証券報告書－第43期(令和3年1月1日－令和3年12月31日) | S100NPTF | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPTF,, |
| 有価証券報告書－第42期(令和2年1月1日－令和2年12月31日) | S100L1MR | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1MR,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).